Process – Business Strategy Development
Strategic Thinking
Decision Model
Instructions
Discussion Forum 1
Instructions:
Krogerus & Tschappeler,
... [Show More] review decision models Keller: Introduction, chs. 1–3 Gamble, Petraf & Thompson: ch. 1 Rumelt: chs. 16–17-- took at week 1 attach will be email to you title week 1,
BUSI 770 Discussion Board Forum Instructions Liberty University School of Business 30 Apr 2018 Page 1 of 6Overview Each week of this course explores a core theme related to strategic thinking for decision making, and each Discussion Board Forum Main Thread is designed to help you analyze, evaluate, and synthesize what you have learned from the reading as well as your own research from the literature. In the week following your Main Thread, you will provide a critical Reply to at least one of your classmates. Process vs. Strategic Thinking - It is important to differentiate between process (what to do, steps to take) and thinking (the thought process behind why you are doing what you are doing and what steps you take). Be sure to use APA formatting for all elements of your Main Threads and your Replies. This should include Title Blocks, Headings, Citations, References, and general formatting. You must paste your text directly into the message window in Blackboard and attach a word document (.docx) for each post. Discussion Forum 1, Main Thread - Due Sunday of Week 1 by 11:59pm (Eastern Time) Minimum of 500 words in the body Minimum of 2 sources from the literature in addition to course texts Use the following outline: • Introduction • Process: Business Strategy Development - no less than 200 words • Strategic Thinking: Key Decisions Necessary for making strategy decisions, why - no less than 150 words • Decision Model: What are my decision models and how do they aid / hinder this process, why - no less than 150 words • Conclusion Include an Annotated Bibliography of the 2 additional Sources: Minimum of 250 words in annotation Summary of Key Points Evaluation of the Quality of the Publication Evaluation of the Quality of the Author(s) Where this fits into the discussion
Essential Sources:
REQUIRED RESOURCE PURCHASES
Gamble, J., Peteraf, M., & Thompson, A. (2019). Essentials of strategic management, McGraw - Hill Higher Education (6th ed.), New York, NY.
Keller, T. (2012), Every good endeavor, Riverhead Books, Penguin Group, New York, NY.
Krogerus, M., & Tschäppeler, R. (2018), The decision book: 50 models for strategic thinking., W. Norton & Company, Inc. (Revised ed.), New York, NY.
Rumelt, R. (2011), Good strategy/bad strategy: The difference and why it matters., Crown Business, New York, NY.
Process vs. Strategic Thinking
Name
Institution
Process vs. Strategic Thinking
Business strategy plays a fundamental role in influencing the development of business, the achievement of competitiveness, and the capacity to attain set objectives, mission, and vision. The process of business strategy development includes critical elements that result in a competitive edge. Business strategy outlines the necessary steps and approaches for the achievement of set goals and objectives. The integrating of strategic thinking and planning into business strategy contributes significantly into improving the quality and effectiveness of the strategy. Managers/leaders focus on implementing the business strategy development steps and strategic thinking and planning to facilitate and support business growth and development through the attainment of goals/objectives. The discussion of the process and strategic thinking offers a greater understanding of their contribution to organizational success.
Process – Business Strategy Development
Business/corporate strategy influences the development of a competitive advantage aimed towards facilitating improved profit efficiency and the attainment of organizational goals and objectives. According to Grünig and Kuhn (2008), corporate strategy includes the specification of target market positions and investment priorities, and the coordination of business units in a way that improves the company’s position as compared to competitors. Process involves the different steps and measures necessary for the development of an effective business strategy. Firstly, there is a need for the description and assessment of the existing strategy, and the competitive strength of the o company. The process allows the determination of the business’s current position and paves way for the determination and assessment of the generic business strategy and the available options for a better future strategy. The assessment and evaluation of options guarantees quality business strategy. Thirdly, the consideration of different options allows the development of a comprehensive corporate strategy that contemplates the target industry segments. Fourthly, the determination of future competitive edge follows after an extensive evaluation of resources, available opportunities, and the company’s capacity. Finally, the business strategy development process ends with the formulation of the strategy after considering the different steps and the elements therein.
Strategic Thinking
Effective corporate/business decision-making requires strategic thinking. Leaders and managers apply up-to-date information, formulate ideas, and apply strategic planning for effective management. Goldman, Scott, and Follman (2015) describe strategic thinking as the process involving information gathering, formulating of ideas, and planning action. Strategic thinking focuses on thought process behind the decisions and the steps adopted by the management. Gathering information involves the analysis of changes, auditing, and reflecting on existing knowledge and information while formulation of ideas includes the prediction of where the business needs to go, deciding, and identifying existing gaps. Moreover, planning action includes the creation of more options, examining the feasibility and effectiveness of the plan, and developing ways of implementing the action plan. The decisions surrounding the strategic thinking such as analytic thinking allows a deeper understanding of changes (such as technological, legal, economic, market, and political among other changes) while auditing allows the determination of the capacity of the business/firm. The formulation of ideas ensures effective forecasting, prediction, imagination, and critical evaluation. These processes coupled with the consideration of risks and feasibility allow the effective development and implementation of business strategy (Grünig & Kuhn, 2008).
Decision Model
Effective decision-making contributes towards the development of effective and quality business strategy by shaping strategic planning and thinking. The application of decision models helps in the process of deciding on critical issues to allow well-thought ideas, plans, and implementation. The decision model includes the identification of the decision, gathering of relevant information, identifying options and alternatives, examining the options/alternatives, and choosing the most suitable option. What follows is acting and reviewing the decision to determine its effectiveness. The application of the decision model supports the business strategy development and the strategic thinking processes by including similar fundamental steps such as identifying the decision, information gather, and weighing and evaluating alternatives. These components form a part of the strategy development and strategic thinking processes. As such, the model supports and enables the management/leadership to think strategically and develop and implement effective strategies. Additionally, the evaluation or review of the decision aligns with the last processes of the strategic thinking and business strategy development thus enabling the effectiveness of the processes (University of Massachusetts, 2019).
Conclusion
Strategic thinking, planning, and business strategy development are fundamental for improving the competitiveness of a business, improving efficiency, productivity, and profitability. These processes enhance the capability of a business to meet its goals and objectives while meet customer and market needs and demands. Business strategy development includes the description and assessment of the organization’s current strategy, future generic strategy, the assessment of industry segments, and the determination of its position regarding competitiveness. The process ends with the formulation of the business strategy. On the other hand, strategic thinking is the thought process behind the actions and steps taken by a business. Further, the two processes are results of decision-making processes, which include various decision-making models. The application of a decision model that aligns with or considers the different steps supports and strategic thinking and the business strategy development processes.
Annotated Bibliography
Grünig, R., & Kuhn, R. (2008). The business strategy development process. In R. G. Gaggl, Process-based strategic planning (pp. 279-298). Berlin, Heidelberg: Springer. doi:https://doi.org/10.1007/978-3-540-68583-8_17
This book discusses process-based strategic planning extensively by covering numerous topics through contributions by various expert authors. Its posits that a company’s strategies play a fundamental role in influencing its future direction by specifying elements such as target market positions, and importantly, improving its competitiveness. It discusses strategic thinking and the process of business strategy development in-depth. The authors of The business strategy development process, for instance, explore the topic comprehensively, showing expertise and developing well-thought ideas. The two authors, Professor Dr. Grünig and Professor Dr. Kuhn, teach at Switzerland universities and possess wide experience on the topic. Published by Springer and involving the deeply experienced writers, the publication is of high quality. The book proves fundamental for discussing the strategy development process and the strategic thinking and planning.
Goldman, E. F., Scott, A. R., & Follman, J. M. (2015). Organizational practices to develop strategic thinking. Journal of Strategy and Management, 8(2), 155-175. doi:https://doi.org/10.1108/JSMA-01-2015-0003
The article offers a comprehensive discussion of strategic thinking from the perspective of the necessary practices for its development in an organizational setting. The quality of the peer-reviewed journal article is unquestionable and its creation by a team of George Washington University authors makes it a credible and quality source. It investigates the organizational practices necessary for the development of strategic thinking among leaders/managers and other staff. The article is essential for discussing strategic thinking and its development among managers and leaders in organizations thus enabling the improvement of competitiveness. The application of the article in studying strategic thinking, planning, and corporate strategy would offer new insight and help in development and implementing measures for creating a strategic thinking and planning culture.
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References
Goldman, E. F., Scott, A. R., & Follman, J. M. (2015). Organizational practices to develop strategic thinking. Journal of Strategy and Management, 8(2), 155-175. doi:https://doi.org/10.1108/JSMA-01-2015-0003
Grünig, R., & Kuhn, R. (2008). The business strategy development process. In R. G. Gaggl, Process-based strategic planning (pp. 279-298). Berlin, Heidelberg: Springer. doi:https://doi.org/10.1007/978-3-540-68583-8_17
University of Massachusetts. (2019). Decision-making process. Retrieved from University of Massachusetts Dartmouth: https://www.umassd.edu/fycm/decision-making/process/ [Show Less]